The client is a full-time property investor with more than 25 years’ experience in the industry. He contacted us for help in refinancing one of his existing buy to lets – a recently refurbished 3-bed terraced house in SE London let to tenants for £1,300pcm. The funds raised would be used to renovate another property he had recently acquired for cash.

He had owned the terraced house since 2001 and it only had a very small mortgage remaining on it. Although obtaining a further advance is usually cheaper than remortgaging, the existing lender was not willing offer this facility, so we had to find an alternative.

As most mainstream buy to let lenders insist that landlords have a minimum income of c.£25k pa in addition to rental income, the number of options available was restricted.

Fortunately we sourced a lender that was happy to assist and agreed to lend a sum sufficient for the landlord to complete the renovation of the other property which will then be let out. The onward plan is then to raise capital on the renovated property for another development/buy to let project.

Here are the details of the deal:

Property value: £275,000

Rent: £1,300 pcm

Loan amount: £206,000

LTV: 75%

Rate: 4.98% standard variable rate loan term tracker

Term: 25 years interest only

Monthly mortgage payment: £855

Monthly rental income: £1,300

Gross yield: 5.7% pa

Lender arrangement fee: £1,999

Completion date: March 2015

This is just one example of how I've helped a client secure a buy to let mortgage. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.